If you`re looking to purchase a property in Victoria, it`s important to be aware of the Section 173 Agreement. This legal document is often required to be in place before a property can be developed or subdivided.
What is a Section 173 Agreement?
A Section 173 Agreement is a legal agreement between a local government authority and a property owner. It`s designed to ensure that certain conditions or restrictions are adhered to when developing or using the property.
Section 173 Agreements are often put in place to protect environmental, social, or heritage values, or to ensure that infrastructure requirements (such as roads, drainage, and parking) are met.
Why is a Section 173 Agreement important?
If a Section 173 Agreement is in place on a property you`re considering purchasing, it`s important to understand the restrictions and obligations it imposes. Failure to comply with the terms of the Agreement could result in fines or legal action.
As a potential property owner, it`s also important to be aware of any potential future restrictions that may arise due to the Section 173 Agreement. For example, if the Agreement restricts the type of development that can take place on the property, you may not be able to build the dream home you had in mind.
How do I find out if a Section 173 Agreement is in place?
The easiest way to find out if a Section 173 Agreement is in place is to request a Section 32 Vendor`s Statement from the seller or their agent. This document will provide information about any legal obligations or restrictions on the property.
You can also contact the local council or state government department responsible for overseeing planning and development in the area to find out if a Section 173 Agreement is in place.
In conclusion, if you`re considering purchasing a property in Victoria, it`s important to be aware of the Section 173 Agreement. This legal document can impact your ability to develop or use the property, and failure to comply with its terms could result in legal action. Be sure to do your due diligence and obtain all the necessary information before making an offer on a property.
